The U.S. Department of the Treasury is offering $125 billion of Treasury securities to refund approximately $97 billion of privately-held Treasury notes and bonds maturing on November 15, 2026. This issuance will raise new cash from private investors of approximately $28 billion. The securities are:
- A 3-year note in the amount of $58 billion, maturing November 15, 2029;
- A 10-year note in the amount of $42 billion, maturing November 15, 2036;
- A 30-year bond in the amount of $25 billion, maturing November 15, 2056.
The 3-year note will be auctioned at 1:00 p.m. ET on Monday, November 9, 2026. The 10-year note will be auctioned at 1:00 p.m. ET on Tuesday, November 10, 2026. The 30-year bond will be auctioned at 1:00 p.m. ET on Thursday, November 12, 2026. All these auctions will take place on a yield basis and will settle on Monday, November 16, 2026.
The balance of Treasury financing requirements over the quarter will be met with regular weekly bill auctions, cash management bills (CMBs), and monthly note, bond, Treasury Inflation-Protected Securities (TIPS), and 2-year Floating Rate Note (FRN) auctions.
NOMINAL COUPON AND FRN FINANCING
Treasury believes its current auction sizes leave it well positioned to address potential changes to the fiscal outlook and to the size and composition of the SOMA portfolio. Based on current projected borrowing needs, Treasury anticipates maintaining nominal coupon and FRN auction sizes for the next several quarters. Treasury is monitoring SOMA purchases of Treasury bills and growing demand for Treasury bills from the private sector. Looking ahead, Treasury continues to evaluate potential future changes to nominal coupon and FRN auction sizes, with a focus on trends in structural demand and potential costs and risks of various issuance profiles. As part of that process, Treasury will engage with a variety of market participants to better understand evolving Treasury supply and demand dynamics. In considering any changes, Treasury will be guided by the objective of financing the government at the lowest cost over time.
The table below presents, in billions of dollars, the actual auction sizes for the August to October 2026 quarter and the anticipated auction sizes for the November 2026 to January 2027 quarter:
2-Year | 3-Year | 5-Year | 7-Year | 10-Year | 20-Year | 30-Year | FRN | |
|---|---|---|---|---|---|---|---|---|
Aug-26 | 69 | 58 | 70 | 44 | 42 | 16 | 25 | 28 |
Sep-26 | 69 | 58 | 70 | 44 | 39 | 13 | 22 | 28 |
Oct-26 | 69 | 58 | 70 | 44 | 39 | 13 | 22 | 30 |
Nov-26 | 69 | 58 | 70 | 44 | 42 | 16 | 25 | 28 |
Dec-26 | 69 | 58 | 70 | 44 | 39 | 13 | 22 | 28 |
Jan-27 | 69 | 58 | 70 | 44 | 39 | 13 | 22 | 30 |
Treasury plans to address any seasonal or unexpected variations in borrowing needs over the next quarter through changes in regular bill auction sizes and/or CMBs.
TIPS FINANCING
Over the November 2026 to January 2027 quarter, Treasury plans to maintain TIPS auction sizes at current levels: the November 10-year TIPS reopening auction size at $19 billion, the December 5-year TIPS reopening auction size at $24 billion, and the January 10-year TIPS new issue auction size at $21 billion.
BILL ISSUANCE
Treasury continues to see strong demand for bill securities from a broad range of market participants. Based on current forecasts, Treasury expects to maintain current auction sizes of benchmark bills into late November and anticipates potentially issuing a short-dated CMB to meet its cash management needs around the end of November. Given projections for receipts associated with the mid-December corporate and non-withheld tax date, Treasury expects to implement reductions to shorter-dated bill auction sizes during the month of December. In January, Treasury anticipates increasing auction sizes across the bill curve based on expected seasonal fiscal outflows. As always, Treasury will continue to evaluate near-term borrowing needs and assess additional adjustments to bill auction sizes as appropriate.
CONVERSION OF 7-YEAR NOTE TO QUARTERLY NEW ISSUE
Treasury plans to convert the 7-year note from a monthly new issue to a quarterly new issue with two reopenings (similar to the 10-year note). The 7-year note will continue to be auctioned towards the end of each month and issue and mature at month end. Treasury will auction new issues in March, June, September, and December and conduct reopening auctions in the subsequent two months of each cycle. This conversion will go into effect beginning with the March 2027 new issue, which will be reopened in April and May.
CASH BALANCE
Treasury is assuming an $850 billion cash balance at the end of December. However, based on current projections for the upcoming refunding quarter, Treasury estimates that the size of the Treasury General Account (TGA) could peak at $1.025 trillion (plus or minus $50 billion) in late November and late January. These figures are consistent with Treasury’s long-standing cash balance policy and are driven by the large outflows expected to occur at those times.
BUYBACKS
Treasury is releasing a tentative buyback schedule for the upcoming refunding quarter. Treasury anticipates that, over the course of the upcoming quarter, it will purchase up to $70 billion in off-the-run securities across buckets for liquidity support and up to $25 billion in the 1-month to 2-year maturity bucket for cash management purposes. Treasury will continue to evaluate possible enhancements to buyback operations such as changes to maximum purchase amounts, buyback operation scheduling and frequency, security eligibility, and execution process.
The next quarterly refunding announcement will take place on Wednesday, February 3, 2027.